Saint Bella, a Chinese maternity care company that partners with upscale hotels to provide women with luxurious spaces to recuperate in after giving birth, is considering an initial public offering in Hong Kong as early as next year, according to people with knowledge of the matter.
The Hangzhou, China-based company is working with Goldman Sachs Group Inc. and UBS Group AG on the first-time share sale, which could fetch $100 million to $200 million, the people said, asking not to be identified as the information is private.
Saint Bella and its parent company, PrimeCare International, have raised nearly $100 million in three rounds of series C funding in the past year led by investors including Tencent Holdings Ltd. and China Life Insurance Co., according to a press release Aug. 4.
Deliberations are preliminary and details of the IPO such as size and timing could change, the people said. Representatives for Goldman Sachs and UBS declined to comment, while Saint Bella didn’t immediately respond to requests for comment.
Services like Saint Bella’s cater to affluent women seeking a high-end version of postpartum care after giving birth. In traditional Chinese practice, new moms are advised not to leave the house for a month, avoid cold drinks and use only boiled water. Families sometimes also hire a confinement nanny who gives postnatal care to mothers and their newborn babies. Maternity centers provide meals and caretakers for mothers and their newborns, who usually stay in the facility for about a month or two.
Started in 2017, PrimeCare is a service provider and lifestyle company in China, the press release shows. Its other brands include Baby Bella, PrimeCare For Family at-home pregnancy care and nutritional supplement brand Guang He Tang.
Saint Bella partners with luxury hotel brands such as Peninsula, Rosewood and Waldorf Astoria on maternity centers in major Chinese cities, according its website. The company last month began offering services at the Four Seasons hotel in Hong Kong, where a 56-day Queen package, in a room with the Victoria Harbour view, is priced at as much as HK$1.5 million ($191,671), according to its WeChat account. Meals are created by chefs at the hotel’s Michelin-decorated restaurant.